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To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.
Summary
This bill modifies federal banking regulations to allow banks to accept more reciprocal deposits—deposits from customers of other banks—without treating them as "broker deposits." The bill sets different thresholds based on a bank's size, allowing larger percentages of reciprocal deposits for smaller banks: 50 percent for banks with liabilities up to $1 billion, declining to 2 percent for banks with liabilities over $1 trillion. The bill also updates the definition of eligible institutions to use the standardized CAMELS rating system (which rates capital, asset quality, management, earnings, liquidity, and market risk sensitivity) instead of previous evaluation criteria.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Rounds, Mike [R-SD] (R-SD)
4 cosponsors
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Moreno, Bernie [R-OH] (R-OH)
- Sen. Van Hollen, Chris [D-MD] (D-MD)
- Sen. Warner, Mark R. [D-VA] (D-VA)
Money behind the sponsor
Top reported contributors to Mike Rounds’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- APOLLO GLOBAL MANAGEMENT $30,350
- NULL $26,450
- APOLLO $19,250
- ROCKET MORTGAGE $15,700
- APOLLO MGMT. $13,200
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Mike Rounds → · Outside spending →
Actions (2)
- Sep 10, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Sep 10, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
September 10, 2025
Mr. Rounds (for himself and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Keeping Deposits Local Act”.
SEC. 2. AMOUNT OF RECIPROCAL DEPOSITS THAT ARE NOT CONSIDERED TO BE FUNDS OBTAINED BY OR THROUGH A DEPOSIT BROKER.
Section 29(i) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)) is amended by striking paragraph (1) and inserting the following:
“(1) In general.—The sum of the following amounts of reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker:
“(A) An amount equal to 50 percent of the portion of the total liabilities of the agent institution that is not more than $1,000,000,000.
“(B) An amount equal to 40 percent of the portion, if any, of the total liabilities of the agent institution that is more than $1,000,000,000, but not more than $10,000,000,000.
“(C) An amount equal to 30 percent of the portion, if any, of the total liabilities of the agent institution that is more than $10,000,000,000, but not more than $250,000,000,000.
“(D) An amount equal to 20 percent of the portion, if any, of the total liabilities of the agent institution that is more than $250,000,000,000, but not more than $1,000,000,000,000.
“(E) An amount equal to 2 percent of the portion, if any, of the total liabilities of the agent institution that is more than $1,000,000,000,000.”.
SEC. 3. DEFINITION OF AGENT INSTITUTION.
Section 29(i)(2)(A)(i)(I) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)(2)(A)(i)(I)) is amended by striking “found to have a composite condition of outstanding or good” and inserting “assigned a CAMELS rating of 1, 2, or 3”. <all>
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